Chennai, Mar 6 (IANS): Public sector Indian Bank on late Thursday announced a share swap ratio of 115 equity shares of Rs 10 each of Indian Bank for every 1,000 shares of Rs 10 each of Allahabad Bank.

As per the scheme, Allahabad Bank will be amalgamated into Indian Bank.

In regulatory announcement, Indian Bank said its Board of Directors at a meeting approved the fair equity share exchange ratio of 115 equity shares of Indian Bank for every 1,000 shares of Allahabad Bank which is subject to the statutory and regulatory approvals.

According to Indian Bank, a Grievance Redressal Committee headed by Chitra Venkataraman, Retired Judge of Madras High Court has been set up to address the grievances of minority shareholders (minority shareholders are those shareholders who either: (a) individually or collectively hold at least one percent of the total paid up equity capital of any of Indian Bank or Allahabad Bank; or (b) are one hundred shareholders acting collectively, either of Indian Bank or Allahabad Bank.

The Board has fixed Monday, March 23, 2020 as Record Date for issuing and allotting equity shares of Indian Bank to the shareholders of Allahabad Bank as per the swap ratio.